Judo Bank CEO says SMEs are facing “seriously frustrating” wait times of up to 60 days to refinance loans
SMEs are experiencing delays of up to two months when trying to switch business loans to different lenders, neobank Judo Bank has found.
Small businesses are experiencing delays of up to two months when trying to refinance their business loans by switching to different lenders, SME-focused neobank Judo Bank has found.
Judo Bank, which has been monitoring the waiting times business borrowers have faced for 15 months, found the extended delays discourages businesses from changing lenders.
Joseph Healy, co-chief executive of Judo Bank, told The Australian Financial Review that the average time it takes banks to settle a loan and release the security is 52 days.
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